- NYSE:GME gained 13.34% on Wednesday, amidst another day of meme stocks ruling Wall Street.
- AMC surges by nearly 100% as the stock officially dethrones GameStop.
- It wasn’t just AMC that rose on Wednesday as secondary meme stocks were brought along for the ride.
NYSE:GME may have officially seen its reign as the king of r/WallStreetBets come to an end, and even still, the stock sits at a staggering price after Wednesday’s session. Shares of GameStop added a further 13.34% to close the day at an unimaginable $282.24. The stock is up more than 53% over the past month, and yet its performance has paled in comparison to that of movie theater company AMC (NYSE:AMC).
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Speaking of AMC, it seems like Redditors have found a new favorite meme stock as shares rose 95% on Wednesday to hit $62.55 at the closing bell. The latest coordinated short squeeze of AMC has seen hedge funds lose a reported $1.2 billion USD over the past week, in addition to the billions that were already lost during the first event in January. AMC has now surpassed GameStop’s market cap of $19 billion, and has shown no signs of slowing down.
Have we reached the top yet? It’s hard to say for sure, even as many retail investors call for lofty price targets of $100,000 per share. It wasn’t just AMC that skyrocketed on Wednesday though as other meme stocks joined in on the fun. BlackBerry (NYSE:BB) gained 31.92%, Koss (NASDAQ:KOSS) added 68.61%, Bed Bath and Beyond (NASDAQ:BBBY) rose by 62.11%, and Naked Brands (NASDAQ:NAKD) gained 28.96%. The FOMO has been real for investors who are piling into these heavily shorted stocks, and it may just be a matter of time until we see another crash for the broader markets.
